Daewoo Shipbuilding's Q1 earnings up 23%

Daewoo Shipbuilding & Marine Engineering, the world's third-largest shipbuilder, said Tuesday that its first-quarter earnings increased 23 per cent on increased sales. Net profit reached 96.3 billion won (US$77.5 million) in the January-March period , compared with a profit of 78.4 billion won a year earlier, the company said in a regulatory filing.
Sales surged 38.5 per cent to 2.94 trillion won, while its operating income fell 8.9 per cent to 153 billion won.
Shares of Daewoo Shipbuilding closed at 24,500 won on the Seoul bourse, down 4.11 per cent.